£3bn mortgage support fund branded ‘terrible economics and bad politics’ after Lib Dem calls June 16, 2023 Calls for a £3bn mortgage protection fund have been branded “terrible economics and bad politics” as lenders continue to raise rates. Liberal Democrat leader Sir Ed Davey called for the multi-billion pound fund to be set up to offer help to families at risk of losing their homes, as repossession fears spiral. But Tim Pitt, [...]
Mortgage commitments plummet to pandemic levels as rate hike jitters spook housing market June 13, 2023 The number of new mortgage commitments has fallen to the lowest levels since the Covid pandemic as speculation the Bank of England’s will keep on hiking interest rates rattles the market. As the central bank raised interest rates for the 12th consecutive time during the quarter, in a bid to cool inflation, the number of [...]
Why did HSBC withdraw mortgage deals for new borrowers? June 9, 2023 HSBC has temporarily withdrawn mortgage deals for new borrowers as the turbulence that has engulfed the UK mortgage market over the past few weeks continued. The bank removed products for new residential and buy-to-let products on Thursday, with new more expensive deals becoming available on Monday. HSBC had originally set a deadline of 5pm on [...]
Mortgage rates rocket but savings rates barely move after May’s inflation shock June 6, 2023 Mortgage rates have skyrocketed in recent weeks after the UK’s most recent inflation reading sent rate expectations soaring, but savings rates have lagged behind. According to data from Moneyfacts, rates on a two-year fixed rate have jumped from 5.34 per cent on 24 May to 5.75 today. Similarly, interest rates on a five-year fixed rate [...]
UK mortgage holders will see payments rise to 30 per cent of their income, Barclays boss warns May 24, 2023 UK mortgage holders will see their monthly payments jump to up to 30% of their income from about 20% over the past few decades, the boss of Barclays has said. CS Venkatakrishnan, known as Venkat, said the sharp rise in interest rates will lead to a “huge income shock” by the end of next year. [...]
Rising interest rates sees mortgage arrears tick up as repossessions jump May 18, 2023 The number of households falling into arrears continued increasing in the first quarter as rising interest rates continued to hit borrowers. According to figures from industry body UK Finance, arrears picked up in the first quarter with mortgages in arrears of more than 2.5 per cent reaching 76,630. This was a two per cent increase [...]
Exclusive: Renters face being pushed out of London as landlords struggle to cope with ‘huge’ mortgage hikes, adviser warns March 20, 2023 Landlords in London and the south east are facing a 125 per cent increase in monthly mortgage payments, or £574 on average, according to research exclusively shared with City A.M. The Bank of England’s decision to raise interest rates 11 times over the last 15 months has seen mortgage costs spiral for mortgage borrowers. Earlier [...]